100 Main StMiddletown, CT 06457

  • Other commercial real estate
  • 14,334 SF
For Sale
$4,116,600 View listing

Property Details for 100 Main St

Year built
1977
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Lot size
0.82 AC
Property size (Sq ft)
14,334 SF
Zone code
B-1
Property type
Other commercial real estate
Property subtype
Showrooms
APN
MTWN M:24 L:0274
APU
MTWNM24L0274

Description

This exceptional investment opportunity presents a fee-simple interest in a 14,000 square foot, three-tenant medical and retail building situated in Middletown, Connecticut. The property boasts a 100% occupancy rate, anchored by DaVita Dialysis, a leading kidney care provider, occupying 12,000 square feet and holding a significant lease term. Two additional tenants, Edible Arrangements and Abyssinian Food, complement the property's diverse tenant mix. Built in 1960 and renovated in 2009, the single-building property sits on a 0.82-acre lot. The Net Lease (NNN) structure minimizes landlord responsibilities, offering a passive investment with a current NOI of $296,396 and a 7.20% cap rate. The asking price is $4,116,600. All tenants have 2% annual rent bumps built into their leases, and lease options are available. The weighted average lease term (WALT) is 5.4 years, providing long-term stability and predictable cash flow. The property benefits from its high-visibility location off US Highway 9, serving a strong demographic area with an average household income of $118,259 within a 5-mile radius. This offering presents a compelling investment in a stable, growing industry within a desirable Connecticut market.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $3,483,662
    6.5%
    $3,215,688
    7%
    $2,985,996
  • Comparable approach

    Method
    Valuation
    Relative Method
    $4,719,658
    Geo Method
    $4,719,658
  • Alternative Use

    Use
    Valuation
    Residential
    $2,712,554
    Hospitality
    $2,484,684
    Educational
    $2,067,228
    Medical
    $2,138,324
    Retail
    $3,215,688
100 Main St, Middletown, Connecticut

Location Insight

City
Middletown
County
Middlesex
State
Connecticut
Latitude
41.5581
Longitude
-72.6474
CBSA code
25540
CBSA name
HARTFORD-WEST HARTFORD-EAST HARTFORD, CT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$81,798
$557,070
$1,773,370
$2,330,440
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-
-
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